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California Attorney General Jerry Brown had brought a charge against State Street Bank and Trust Co claiming that the company had cheated the state’s largest pension funds for over $200 millions.
In the lawsuit, it claim that Boston based State Street had cheated by overcharging California Public Employees Retirement System and the California State Teachers’ Retirement System with fees and penalties which are incurred for handling foreign currency exchange.
The state’s complaint pointed out that that the State Street had overcharged California two largest public pension funds on an amount of more than $57 million by purposely increasing the price of foreign currency exchange rate that State Street Bank and Trust Co executed for the pension funds.
